LONDON (Reuters) – The Abu Dhabi Investment Authority (ADIA) said on Tuesday its private equity department would acquire a stake of up to 21.4 percent in Pension Insurance Corporation Group from funds advised by private equity firm J.C. Flowers & Co. The deal values Pension Insurance Corporation close to its embedded value of 2.9 billion pounds ($3.8 billion), according to a source with direct knowledge of the matter. Hamad Shahwan Aldhaheri, executive director of ADIA’s private equity department, said the investment, subject to regulatory approvals, demonstrates a strategy targeting “principal investments in market-leading businesses”. PIC Group has become one of the world’s biggest investors in bulk annuities, which cover the pension obligations of defined benefit, or final salary, pension schemes for staff. ADIA was advised on the transaction by Credit Suisse <CSGN.S>, Ernst & Young, Oliver Wyman and Allen & Overy. J.C. Flowers was … [Read more...] about Abu Dhabi Investment buys stake in UK insurer PIC

DUBAI (Reuters) – Abu Dhabi’s crown prince said on Tuesday he had approved 50 billion dirham (£10.1 billion) worth of measures to stimulate growth in the emirate, which would make it easier to do business, help tourism and create jobs. Mohamed Bin Zayed tweeted that the new initiative will also speed up contract payments to the private sector and exempt new licenses from the requirement of having a physical presence in the emirate in the first two years. He also ordered the provision of at least 10,000 jobs for emiratis in the private and public sectors over the next five years. (Reporting By Aziz El Yaakoubi, editing by Larry King) … [Read more...] about Abu Dhabi’s crown prince approves 50 billion-dirham of economic stimulus

ABU DHABI, United Arab Emirates (AP) — Former U.S. Secretary of State John Kerry on Sunday warned that “true civil discourse” is under threat around the world while speaking to graduates at NYU Abu Dhabi, an event that the school blocked journalists from filming. While obliquely criticizing President Donald Trump, Kerry did not mention the 2015 Iran nuclear deal he secured with other world powers, an accord of which Trump now has pulled America out. It likely was courtesy to his hosts in the capital of the United Arab Emirates, which long opposed the deal as not going far enough to limit Iran’s power in the greater Mideast. Kerry shared the stage with Emirati Minister of State for Foreign Affairs Anwar Gargash, who long had led the UAE’s criticism of the deal. “True civil discourse is also under threat all around the planet, eroding rights alongside trust,” Kerry said. “Certainly in my country, our politics has become almost all … [Read more...] about NYU Abu Dhabi blocks journalists from filming John Kerry